Thursday, February 03, 2005
Warren Buffett picks up another $4.6 billion.
Just like he needs it...
Sixteen years ago, Buffett's Berkshire Hathaway Co. bought $600 million in convertible preferred stock from Gillette in what was seen then as financial assistance for the personal-products concern, which had repelled two takeover attempts.
Calling Gillette "exactly the sort of business in which we like to invest for the long term," Buffett tucked the Gillette shares away in his portfolio and hasn't touched them since...
Terms of Proctor & Gamble's pending acquisition of Gillette would turn Berkshire's stake into 93.6 million P&G shares... at the agreed-to exchange rate of .975 of a P&G share for each Gillette share, Berkshire's holding would be worth nearly $5.18 billion... [Forbes]
